Press Room

Upgrade, Inc., a neobank that offers affordable and responsible credit to mainstream consumers, today launched Upgrade Card’s first cash back rewards program. The new program earns users unlimited 1.5% cash back on every purchase they make with the card. Instead of being credited at the time of purchase, however, the rewards get credited as cardholders make their monthly balance payments.

“Credit card companies typically reward their customers for spending more,” said Renaud Laplanche, Upgrade co-founder and CEO. “That’s hardly the most responsible incentive in normal times, and is particularly irresponsible in the current environment. We’re rewarding our customers for doing what’s good for them: paying down their balance.”

Upgrade Card is designed as a lower cost, more responsible alternative to credit cards. Upgrade Card has no fees, low fixed rates and equal monthly payments that promote greater discipline and help consumers avoid the never-ending revolving credit trap of traditional credit cards. Monthly charges are combined into installment plans payable over 24 to 60 months, committing users to the discipline of paying down their balance every month.

Pricing and Availability

Upgrade Card’s unlimited 1.5% cash back rewards program debuts today. Anyone can apply today and start using their virtual card immediately until they get their physical card in the mail. Upgrade Card has no fees and low fixed rates. Every Upgrade Card comes with a credit line of $500 to $20,000. Consumers can use Upgrade Card anywhere Visa is accepted.

About Upgrade

Upgrade is a neobank that offers affordable and responsible credit to mainstream consumers through personal loans and cards, together with credit monitoring and education tools that help consumers better understand and manage their money. Over $3.5 billion in loans and cards have been originated by the Upgrade platform since inception in 2017. Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona, and a technology center in Montreal, Canada. Personal Credit Lines are issued by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade, Inc. More information is available at: https://www.upgrade.com.